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This article originally appeared in First Mover, CoinDesks’ daily newsletter providing context for the latest moves in the crypto markets. Subscribe to receive it in your inbox every day.
Former FTX CEO Sam Bankman-Fried was released on bail after appearing in US federal court in New York on Thursday. Bankman-Fried was told he could live with his parents on a $250 million bond secured in part by their Palo Alto home. His release also includes a long list of demands for him to remain free while he faces charges. He is not allowed to make financial transactions over $1,000, cannot open new lines of credit, cannot leave the house except to exercise, and must undergo drug and health treatment. mental, according to the agreement.
The U.S. Securities and Exchange Commission (SEC) is stepping up its scrutiny of audits of cryptocurrency companies in an effort to warn investors who may feel reassured by audits such as proof of reserve reports. Investors shouldn’t place too much faith in the mere fact that a company claims to have obtained proof of reserves from an auditing firm, said Paul Munter, acting chief accountant of the SEC. Having such a report is not enough for an investor to assess whether the company has enough assets to cover its debts, he added.
Tron founder Justin Sun was a top client of crypto asset manager Valkyrie Investments. A private financial document reviewed by CoinDesk shows that Sun, one of the wealthiest figures in crypto, was responsible for the vast majority of assets under management at a key Valkyrie division. He had over $580 million worth of bitcoins stashed with the asset manager at one point in August. This represented over 90% of the money of Valkyrie’s largest division, Valkyrie Digital Assets LLC.
Card of the day
The chart shows the year-to-date performance of Bitcoin and Crypto stocks.
While bitcoin has fallen 63% this year, crypto stocks, often seen as a proxy for digital assets, have suffered greater losses.
This shows that buying bitcoins is the best bet if you want to add crypto exposure to your portfolio.
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